Coinspeaker
XRP Price Analysis: XRP/USD May Continue Its Bearish Trend After the Pullback
Key Highlights:
- The Bears Bears eventually prevailed in the XRP market;
- XRP price reached $0.35 level before pulled back;
- the price may continue its bearish trend after a pullback.
XRP/USD Price Medium-term Trend: Bearish
Supply levels: $0.39, $0.42, $0.46
Demand levels: $0.35, $0.32, $0.29
XRP/USD is bearish in the medium-term outlook. The crypto was consolidating at $0.39 level last week. The Bulls could not defend the $0.39 level. The Bears increased their pressure and the broke down the $0.39 level. The Bears prevailed and the coin moved down to the predicted level ($0.35). The price touched the level and reversed, moving towards the broken level ($0.39), which may be a pullback. As at the moment, the XRP price is touching the dynamic resistance and support.
The coin is currently trading below the 21 periods EMA and 50 periods EMA. The former is making an attempt to cross the later to indicate a bearish trend. The Relative Strength Index period 14 is above 40 levels with the signal line pointing down to indicate sell signal. The XRP price may decline further to $0.32 demand level should the Bears exert more pressure on the crypto. In case the demand level of $0.35 holds the price, the Bulls may push the coin to reach the previous high at $0.42 level.
XRP/USD Price Short-term Trend: Bearish
On the short-term outlook, XRP/USD is bearish. After several hours of consolidation scenario in the XRP market, the Bears eventually prevailed. The bearish pressure penetrated the $0.39 level downside and the price decreased to reach the demand level of $0.35. The Bulls opposed further decrease in price by the formation of inside the bar candle pattern and the price started increasing towards $0.39 level which may be a pullback.
The coin is in – between the 21 periods EMA and 50 periods EMAs. The Relative Strength Index period 14 is above 40 levels with the signal line pointing down to indicate a further reduction in price.
XRP Price Analysis: XRP/USD May Continue Its Bearish Trend After the Pullback
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